The president-elect, who has vowed to shrink the size of government, would be creating an agency to do functions already handled by existing agencies.

The parallel with the Internal Revenue Service is seen as a signal of the president-elect’s determination to enact sweeping import duties.

President-elect Donald Trump said he would establish an External Revenue Service to collect tariffs, duties and all revenue from foreign sources.

Trump declared next Monday will be the “birth date” of the IRS counterpart as tariffs become a core storyline at the start of his second term.

U.S. President-elect Donald Trump said on Tuesday he will create a new government agency called the External Revenue Service "to collect tariffs, duties, and all revenue" from foreign sources as he readies new import tariffs ahead of his inauguration next week.

The president-elect's latest proclamation on Truth Social lacked details but appeared to reinforce his tariff plan

Trump also criticised the current reliance on domestic taxes through the Internal Revenue Service (IRS) and emphasised the need for foreign entities